Tag Archives: UAE Exchange Centre LLC

CBN now license 11 international money transfer operators in Nigeria

The Central Bank of Nigeria (CBN) has announced that 11 international money transfer operators (IMTOs) have been license to operate in Nigeria.

The eleven IMTOs include;

  1. Trans-Fast Remittance LLC,
  2. WorldRemit Limited,
  3. UAE Exchange Centre LLC,
  4. Wari Limited, Homesend S.C.R.L,
  5. Small World Financial Services Group Limited,
  6. Weblink International Limited, Cashpot Limited,
  7. DT&T Corporation Limited,
  8. Fiem Group LLC DBA Ping Express,
  9. and CP Express Limited

These eleven can now make transfers into the country.

Early this month, CBN banned almost all international money transfer operators from transferring money into the country based on some regulation tagged “draconian rules” as reported by WorldRemit and only 3 IMTOs – Western Union, MoneyGram and Ria money – escape this rule.

CBN reported that the licensing is “in furtherance of CBN’s effort to liberalise the foreign exchange market and ensure liquidity by making foreign exchange more readily available to low end users.”

WorldRemit, who’s been the most vocal IMTO during the whole ordeal, commend CBN for  this development. Founder and CEO, Ismail Ahmed said, “We commend the CBN for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria. The new environment will help to bring the estimated 50% of remittances to Nigeria that currently goes through unregulated, informal networks into the formal channels.”

WorldRemit in celebration of the relaunch of their services to Nigeria is offering promotional pricing of nominal $0.01, €0.01, £0.01 or its equivalent in fees on all money transfers to Nigeria until September 30, 2016.

So, if you are a Nigeria in Diaspora; seize the opportunity and invest now in Nigeria; you know what I mean?

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